Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Section 50 is a special computational provision for gains on transfer of depreciable assets, and its deeming fiction cannot be extended beyond that limited purpose. Although the gain is treated as short-term for computation, the underlying asset does not lose its long-term character. For section 74 set-off, the relevant test is the actual nature of the asset transferred, so long-term capital losses could be adjusted against the gain computed under section 50. The appellate order allowing set-off of current-year and brought-forward long-term capital losses was upheld, and the Revenue's appeal was dismissed.
Section 50 is a special computational provision for gains on transfer of depreciable assets, and its deeming fiction cannot be extended beyond that limited purpose. Although the gain is treated as short-term for computation, the underlying asset does not lose its long-term character. For section 74 set-off, the relevant test is the actual nature of the asset transferred, so long-term capital losses could be adjusted against the gain computed under section 50. The appellate order allowing set-off of current-year and brought-forward long-term capital losses was upheld, and the Revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
